0001752724-24-088356.txt : 20240424 0001752724-24-088356.hdr.sgml : 20240424 20240424120815 ACCESSION NUMBER: 0001752724-24-088356 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240424 DATE AS OF CHANGE: 20240424 PERIOD START: 20240531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB MUNICIPAL INCOME FUND II CENTRAL INDEX KEY: 0000899774 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07618 FILM NUMBER: 24868316 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND II DATE OF NAME CHANGE: 20030319 FORMER COMPANY: 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1750000.00000000 PA USD 1825160.40000000 2.842168783010 Long DBT MUN US N 2 2029-06-15 Fixed 5.00000000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE 64577HSQ5 1000000.00000000 PA USD 916508.90000000 1.427202225585 Long DBT MUN US N 2 2041-06-01 Fixed 5.00000000 N N N N N N LCH Limited F226TOH6YD6XJB17KS62 Long: SS2CNI1 IRS USD R F 3.40600 IS2CNI1 CCPINFLATIONZERO / Short: SS2CNI1 IRS USD P V 12MUSCPI IS2CNJ2 CCPINFLATIONZERO 000000000 3470000.00000000 OU Notional Amount USD -73230.57000000 -0.11403580749 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on US CPI Urban Consumers NSA 2029-01-15 0.00000000 USD 0.00000000 USD 3470000.00000000 USD -73230.57000000 N N N LCH Limited F226TOH6YD6XJB17KS62 Long: BS2BFX7 IRS USD R V 12MUSCPI IS2BFY8 CCPINFLATIONZERO / Short: BS2BFX7 IRS USD P F 2.78200 IS2BFX7 CCPINFLATIONZERO 000000000 450000.00000000 OU Notional Amount USD 29861.17000000 0.046500288521 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on US CPI Urban Consumers NSA 2031-01-15 0.00000000 USD 0.00000000 USD 450000.00000000 USD 29861.17000000 N N N South Jersey Transportation Authority 549300W8SZI2CAOKT956 S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE 838536MQ0 1000000.00000000 PA USD 1076994.10000000 1.677112329692 Long DBT MUN US N 2 2052-11-01 Fixed 5.25000000 N N N N N N Camden County Improvement Authority/The 549300UTQBT9ZE0QFB15 CAMDEN CNTY NJ IMPT AUTH SCH REVENUE 13281PAC1 1000000.00000000 PA USD 1081877.10000000 1.684716214900 Long DBT MUN US N 2 2052-06-15 Fixed 6.00000000 N N N N N N Bristol Industrial Development Board N/A BRISTOL TN INDL DEV BRD ST SALES TAX REVENUE 11023PAB0 145000.00000000 PA USD 134159.13000000 0.208914729489 Long DBT MUN US N 2 2035-12-01 Fixed 5.00000000 N N N N N N Jersey City Board of Education N/A JERSEY CITY NJ BRD OF EDU 476577AU5 1000000.00000000 PA USD 1034382.30000000 1.610756557483 Long DBT MUN US N 2 2042-08-15 Fixed 4.12500000 N N N N N N Hudson County Improvement Authority N/A HUDSON CNTY NJ IMPT AUTH LEASE REVENUE 443730ME3 1400000.00000000 PA USD 1458363.34000000 2.270986571500 Long DBT MUN US N 2 2036-05-01 Fixed 5.00000000 N N N N N N Essex County Improvement Authority N/A ESSEX CNTY NJ IMPT AUTH CHRT SCH REVENUE 29681CBG2 500000.00000000 PA USD 442993.35000000 0.689836285321 Long DBT MUN US N 2 2051-06-15 Fixed 4.00000000 N N N N N N LCH Limited F226TOH6YD6XJB17KS62 Long: SS2EQS8 IRS USD R F 3.73500 IS2EQS8 CCPINFLATIONZERO / Short: SS2EQS8 IRS USD P V 12MUSCPI IS2EQT9 CCPINFLATIONZERO 000000000 530000.00000000 OU Notional Amount USD 3507.54000000 0.005461997034 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on US CPI Urban Consumers NSA 2029-01-15 0.00000000 USD 0.00000000 USD 530000.00000000 USD 3507.54000000 N N N Maricopa County Industrial Development Authority N/A MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE 56681NCW5 100000.00000000 PA USD 101776.88000000 0.158488575123 Long DBT MUN US N 2 2052-07-01 Fixed 6.00000000 N N N N N N Territory of Guam N/A GUAM GOVT LTD OBLG REVENUE 40065HDV9 720000.00000000 PA USD 705590.78000000 1.098757176901 Long DBT MUN US N 2 2046-12-01 Fixed 5.00000000 N N N N N N LCH Limited F226TOH6YD6XJB17KS62 Long: BS281O1 IRS USD R V 12MUSCPI IS281P2 CCPINFLATIONZERO / Short: BS281O1 IRS USD P F 2.56500 IS281O1 CCPINFLATIONZERO 000000000 465000.00000000 OU Notional Amount USD 45759.39000000 0.071257249383 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on US CPI Urban Consumers NSA 2025-01-15 0.00000000 USD 0.00000000 USD 465000.00000000 USD 45759.39000000 N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH REVENUE 6459182A0 500000.00000000 PA USD 500231.35000000 0.778968208631 Long DBT MUN US N 2 2034-01-01 Fixed 5.12500000 N N N N N N City of Jersey City NJ N/A JERSEY CITY NJ 476576NB5 500000.00000000 PA USD 535697.55000000 0.834196738952 Long DBT MUN US N 2 2031-11-01 Fixed 5.00000000 N N N N N N Puerto Rico Commonwealth Aqueduct & Sewer Authority N/A PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE 745160SG7 250000.00000000 PA USD 259446.35000000 0.404013979722 Long DBT MUN US N 2 2030-07-01 Fixed 5.00000000 N N N N N N South Jersey Transportation Authority 549300W8SZI2CAOKT956 S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE 838536MP2 1000000.00000000 PA USD 1017449.10000000 1.584387909315 Long DBT MUN US N 2 2047-11-01 Fixed 4.62500000 N N N N N N Delaware River & Bay Authority 549300DIIIT0MBXYHJ34 DELAWARE RIVER & BAY AUTH DE REVENUE 246317GV7 1000000.00000000 PA USD 989346.10000000 1.540625471061 Long DBT MUN US N 2 2044-01-01 Fixed 4.00000000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH LEASE REVENUE 645913AA2 1000000.00000000 PA USD 1070250.70000000 1.666611400036 Long DBT MUN US N 2 2029-02-15 Fixed 7.42500000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE 64578CCF6 2500000.00000000 PA USD 2529244.75000000 3.938580123173 Long DBT MUN US N 2 2047-10-01 Fixed 5.00000000 N N N N N N New Jersey Transportation Trust Fund Authority 549300YUVD5TEXR6L889 NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 646136Y39 1250000.00000000 PA USD 1270265.88000000 1.978078217267 Long DBT MUN US N 2 2041-06-15 Fixed 5.25000000 N N N N N N New Jersey Turnpike Authority 5493005YN67D71KSMI84 NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE 646140FU2 1000000.00000000 PA USD 1070415.30000000 1.666867717772 Long DBT MUN US N 2 2035-01-01 Fixed 4.00000000 N N N N N N LCH Limited F226TOH6YD6XJB17KS62 Long: SS2CNE7 IRS USD R F 3.40800 IS2CNE7 CCPINFLATIONZERO / Short: SS2CNE7 IRS USD P V 12MUSCPI IS2CNF8 CCPINFLATIONZERO 000000000 240000.00000000 OU Notional Amount USD -5024.94000000 -0.00782491643 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on US CPI Urban Consumers NSA 2029-01-15 0.00000000 USD 0.00000000 USD 240000.00000000 USD -5024.94000000 N N N Commonwealth of Puerto Rico 549300X44HXPLJU48U63 PUERTO RICO CMWLTH 74514L3R6 100000.00000000 PA USD 64315.97000000 0.100153850687 Long DBT MUN US N 2 2033-07-01 None 0.00000000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE 645780FT9 1500000.00000000 PA USD 1501739.10000000 2.338531994364 Long DBT MUN US N 2 2034-11-01 Floating 3.75000000 N N N N N N Guam Power Authority 549300IPOV320QCKW060 GUAM PWR AUTH REVENUE 400653JH5 150000.00000000 PA USD 155742.99000000 0.242525459324 Long DBT MUN US N 2 2036-10-01 Fixed 5.00000000 N N N N N N LCH Limited F226TOH6YD6XJB17KS62 Long: SS2DIC3 IRS USD R F 3.76600 IS2DIC3 CCPINFLATIONZERO / Short: SS2DIC3 IRS USD P V 12MUSCPI IS2DID4 CCPINFLATIONZERO 000000000 800000.00000000 OU Notional Amount USD -26399.91000000 -0.04111035943 N/A DIR US N 2 LCH Limited F226TOH6YD6XJB17KS62 N/A N/A Y Inflation Based on US CPI Urban Consumers NSA 2026-01-15 0.00000000 USD 0.00000000 USD 800000.00000000 USD -26399.91000000 N N N 2024-04-01 AB MUNICIPAL INCOME FUND II Joseph Mantineo Joseph Mantineo Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_64BW_85062147_0224.htm HTML

AB Municipal Income Fund II

AB New Jersey Portfolio

Portfolio of Investment

February 29, 2024 (unaudited)

 

     

Principal
Amount
(000)

        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 98.6%

           

Long-Term Municipal Bonds – 98.6%

           

New Jersey – 89.5%

           

Camden County Improvement Authority (The)

(KIPP Cooper Norcross Obligated Group)
Series 2022
6.00%, 06/15/2052

    $          1,000        $    1,081,877

Casino Reinvestment Development Authority, Inc.
Series 2014
5.25%, 11/01/2044

         1,000          1,003,673  

City of Jersey City NJ
Series 2017-A
5.00%, 11/01/2031

         500          535,698  

County of Cape May NJ
Series 2017
4.00%, 09/01/2024

         600          602,573  

Essex County Improvement Authority

(Friends of TEAM Academy Charter School Obligated Group)
Series 2021
4.00%, 06/15/2051

         500          442,993  

Hudson County Improvement Authority

(County of Hudson NJ)
Series 2016
5.00%, 05/01/2036

         1,400          1,458,363  

Jersey City Board of Education AGM
Series 2023
4.125%, 08/15/2042

         1,000          1,034,382  

Morris-Union Jointure Commission

(Morris-Union Jointure Commission COP)
AGM Series 2013
5.00%, 08/01/2026

         2,320          2,323,460  

New Jersey Economic Development Authority

(Bancroft Neurohealth Obligated Group)
Series 2016-A
5.00%, 06/01/2041

         1,000          916,509  

New Jersey Economic Development Authority

(Lutheran Social Ministries at Crane’s Mill, Inc.)
Series 2018
5.00%, 01/01/2049

         500          425,552  

New Jersey Economic Development Authority

(Middlesex Water Co.)
Series 2019
4.00%, 08/01/2059

         2,000          1,763,962  

New Jersey Economic Development Authority

(New Jersey Economic Development Authority State Lease)
Series 2023
5.298%, 03/01/2032

         1,050          1,058,426  

NATL Series 1997-A
7.425%, 02/15/2029

         1,000          1,070,251  

New Jersey Economic Development Authority

(New Jersey-American Water Co., Inc.)
Series 2023
3.75%, 11/01/2034

         1,500          1,501,739  

New Jersey Economic Development Authority

(NJ Metromall Urban Renewal, Inc.)
Series 2002
6.50%, 04/01/2028

         747          748,543  

 

1

     

Principal
Amount
(000)

        U.S. $ Value  

New Jersey Economic Development Authority

(North Star Academy Charter School of Newark, Inc.)
Series 2017
5.00%, 07/15/2032

    $          1,000        $    1,041,374  

New Jersey Economic Development Authority

(NYNJ Link Borrower LLC)
Series 2013
5.00%, 01/01/2028

         1,000          1,000,509  

5.125%, 01/01/2034

         500          500,231  

5.50%, 01/01/2027

         1,000          1,000,952  

New Jersey Economic Development Authority

(Port Newark Container Terminal LLC)
Series 2017
5.00%, 10/01/2047

         2,500          2,529,245  

New Jersey Economic Development Authority

(Seeing Eye, Inc. (The))
Series 2017
5.00%, 06/01/2032

         1,765          1,862,943  

New Jersey Economic Development Authority

(State of New Jersey)
Series 2024-S
5.25%, 06/15/2039(a)

         1,000          1,160,960  

New Jersey Economic Development Authority

(United Airlines, Inc.)
Series 2012
5.25%, 09/15/2029

         1,165          1,167,525  

New Jersey Educational Facilities Authority

(Kean University)
AGM Series 2015-H
5.00%, 07/01/2034

         2,500          2,575,659  

New Jersey Educational Facilities Authority

(Stevens Institute of Technology International, Inc.)
Series 2017
5.00%, 07/01/2047

         1,750          1,781,506  

New Jersey Health Care Facilities Financing Authority

(AHS Hospital Corp.)
Series 2016
4.00%, 07/01/2041

         2,000          1,997,932  

New Jersey Health Care Facilities Financing Authority

(Inspira Health Obligated Group)
Series 2017-A
5.00%, 07/01/2035

         1,835          1,920,790  

New Jersey Health Care Facilities Financing Authority

(RWJ Barnabas Health Obligated Group)
Series 2021
4.00%, 07/01/2051

         1,000          979,359  

New Jersey Health Care Facilities Financing Authority

(Valley Health System Obligated Group/NJ)
Series 2019
4.00%, 07/01/2039

         2,500          2,517,188  

New Jersey Transportation Trust Fund Authority

(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2029

         1,750          1,825,160  

 

2

     

Principal
Amount
(000)

        U.S. $ Value  

New Jersey Transportation Trust Fund Authority

(New Jersey Transportation Trust Fund Authority State Lease)
Series 2015-A
5.25%, 06/15/2041

    $          1,250        $    1,270,266  

Series 2018-A
5.00%, 12/15/2035

         1,750          1,889,956  

Series 2023-A
5.00%, 06/15/2039

         1,000          1,131,913  

AGM Series 2006-C
Zero Coupon, 12/15/2033

         1,000          731,434  

New Jersey Turnpike Authority
Series 2019-A
5.00%, 01/01/2048

         680          720,324  

Series 2024-A
4.00%, 01/01/2035(a)

         1,000          1,070,415  

Passaic County Improvement Authority (The)

(Paterson Arts & Science Charter School)
Series 2023
5.50%, 07/01/2058

         1,000          1,028,124  

Rahway Valley Sewerage Authority (The)
NATL Series 2005-A
Zero Coupon, 09/01/2035

         3,445          2,318,892  

South Jersey Transportation Authority
Series 2022
4.625%, 11/01/2047

         1,000          1,017,449  

BAM Series 2022
5.25%, 11/01/2052

         1,000          1,076,994  

Tobacco Settlement Financing Corp./NJ
Series 2018-B
5.00%, 06/01/2046

         2,495          2,541,567  

Union County Utilities Authority

(County of Union NJ Lease)
Series 2011-A
5.25%, 12/01/2031

         2,900          2,903,178  
          

 

 

  
             57,529,846  
          

 

 

  

American Samoa – 0.2%

           

American Samoa Economic Development Authority

(Territory of American Samoa)
Series 2018
7.125%, 09/01/2038(b)

         145          158,651  
          

 

 

  

Arizona – 0.2%

           

Maricopa County Industrial Development Authority

(Benjamin Franklin Charter School Ltd.)
Series 2018-A
6.00%, 07/01/2052(b)

         100          101,777  
          

 

 

  

Delaware – 1.5%

           

Delaware River & Bay Authority
Series 2019
4.00%, 01/01/2044

         1,000          989,346  
          

 

 

  

 

3

     

Principal
Amount
(000)

        U.S. $ Value  

Florida – 0.1%

 

Palm Beach County Health Facilities Authority

(Federation CCRC Operations Corp. Obligated Group)
Series 2020
5.00%, 06/01/2055

    $          100        $       89,035  
          

 

 

  

Guam – 3.2%

 

Antonio B Won Pat International Airport Authority
Series 2021-A
3.839%, 10/01/2036

         100          82,692  

Guam Power Authority
Series 2017-A
5.00%, 10/01/2036

         150          155,743  

5.00%, 10/01/2040

         655          670,921  

Territory of Guam

(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2046

         720          705,591  

Territory of Guam

(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042

         440          422,520  
          

 

 

  
             2,037,467  
          

 

 

  

Illinois – 0.5%

 

Chicago Board of Education
Series 2018-A
5.00%, 12/01/2031

         305          312,941  
          

 

 

  

Michigan – 0.1%

 

City of Detroit MI
Series 2018
5.00%, 04/01/2036

         50          51,617  
          

 

 

  

Nevada – 0.1%

 

City of Reno NV

(County of Washoe NV Sales Tax Revenue)
Series 2018-C
Zero Coupon, 07/01/2058(b)

         500          66,200  
          

 

 

  

North Dakota – 0.0%

 

County of Grand Forks ND

(Red River Biorefinery LLC)
Series 2021
6.625%, 12/15/2031(c) (d) (e)

         110          3,300  

7.00%, 12/15/2043(c) (d) (e)

         110          3,300  
          

 

 

  
             6,600  
          

 

 

  

Ohio – 0.2%

 

Buckeye Tobacco Settlement Financing Authority
Series 2020-B
5.00%, 06/01/2055

         165          157,227  
          

 

 

  

Puerto Rico – 2.3%

 

Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2033

         100          64,316  

4.00%, 07/01/2046

         100          89,996  

 

4

     

Principal
Amount
(000)

        U.S. $ Value  

Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(b)

    $          250        $      259,446  

Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031

         155          154,988  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(c) (d)

         270          189,000  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(San Juan Cruise Port LLC)
Series 2024
6.75%, 01/01/2045

         200          238,099  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2029

         104          85,515  

Series 2019-A
4.329%, 07/01/2040

         70          69,505  

5.00%, 07/01/2058

         305       

 

306,525

 

          

 

 

  
             1,457,390  
          

 

 

  

Tennessee – 0.3%

 

Bristol Industrial Development Board

(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(b)

         145          134,159  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board

(Trousdale Foundation Obligated Group)
Series 2018-A
6.25%, 04/01/2049(c) (d) (e)

         260          75,400  
          

 

 

  
             209,559  
          

 

 

  

Texas – 0.4%

 

Mission Economic Development Corp.

(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(b)

         245          244,141  
          

 

 

  

Total Municipal Obligations
(cost $63,418,657)

 

        63,411,797  
          

 

 

  

ASSET-BACKED SECURITIES – 0.2%

 

Other ABS - Fixed Rate – 0.2%

 

HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2036
(cost $118,621)

         119          119,589  
          

 

 

  

 

5

      Principal
Amount
(000)		      U.S. $ Value  

CORPORATES - NON-INVESTMENT GRADE – 0.1%

 

Industrial – 0.1%

 

Energy – 0.1%

 

Red River Biorefinery LLC
Series 2024
15.00%, 04/30/2024(e) (f) (g)

    $ 10      $ 7,500  

Series 23A
15.00%, 04/30/2024(e) (f) (g)

      15        11,250  
     

 

 

  
        18,750  
     

 

 

  

Other Industrial – 0.0%

 

Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC
Series 2023
12.00%, 12/31/2023(e)

      10        10,000  
     

 

 

  

Total Corporates - Non-Investment Grade
(cost $35,000)

 

      28,750  
     

 

 

  
     Shares         

SHORT-TERM INVESTMENTS – 3.2%

 

Investment Companies – 3.2%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB,5.21%(h) (i) (j)
(cost $2,066,564)

      2,066,564        2,066,564  
     

 

 

  

Total Investments – 102.1%
(cost $65,638,842)(k)

 

      65,626,700  

Other assets less liabilities – (2.1)%

 

      (1,342,974 ) 
     

 

 

  

Net Assets – 100.0%

 

    $  64,283,726  
     

 

 

  

CENTRALLY CLEARED INFLATION (CPI) SWAPS

 

     Rate Type      

Notional
Amount
(000)

      Termination
Date		    Payments
made
by the
Fund		   Payments
received
by the
Fund		   Payment
Frequency
Paid/
Received		    Market
Value		     Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
USD      465      01/15/2025    2.565%   CPI#   Maturity    $ 45,759     $   —      $ 45,759  
USD      233      01/15/2025    2.585%   CPI#   Maturity      22,737       —        22,737  
USD      232      01/15/2025    2.613%   CPI#   Maturity      22,375       —        22,375  
USD      870      01/15/2026    CPI#   3.611%   Maturity      (35,866 )      —        (35,866 ) 
USD      800      01/15/2026    CPI#   3.766%   Maturity      (26,400 )      —        (26,400 ) 
USD      2,070      01/15/2028    1.230%   CPI#   Maturity       374,279       —         374,279  
USD      1,640      01/15/2028    0.735%   CPI#   Maturity      355,909       —        355,909  
USD      3,470      01/15/2029    CPI#   3.406%   Maturity      (73,231 )      —        (73,231 ) 
USD      530      01/15/2029    CPI#   3.735%   Maturity      3,508       —        3,508  
USD      240      01/15/2029    CPI#   3.408%   Maturity      (5,025 )      —        (5,025 ) 
USD      225      01/15/2030    1.572%   CPI#   Maturity      38,383       —        38,383  
USD      225      01/15/2030    1.587%   CPI#   Maturity      38,074       —        38,074  
USD      450      01/15/2031    2.782%   CPI#   Maturity      29,861       —        29,861  

 

6

     Rate Type      

Notional
Amount
(000)

      Termination
Date		    Payments
made
by the
Fund		    Payments
received
by the
Fund		   Payment
Frequency
Paid/
Received		    Market
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
USD      370      01/15/2031    2.680%    CPI#   Maturity    $ 28,237      $   —      $ 28,237  
                

 

 

     

 

 

     

 

 

  
   $   818,600      $ —      $  818,600  
                

 

 

     

 

 

     

 

 

  

 

#

Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS

 

       Rate Type                         

Notional
Amount
(000)

      Termination
Date		      Payments
made
by the
Fund		    Payments
received
by the
Fund		    Payment
Frequency
Paid/
Received		    Market
Value		     Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
USD      1,300      07/31/2029

 

    1 Day SOFR    3.986%    Annual    $ (231 )    $ —      $ (231 ) 
USD      1,700      04/30/2030

 

    1 Day SOFR    3.837%    Annual      (26,613 )      —        (26,613 ) 
USD      1,400      04/30/2030

 

    1 Day SOFR    3.369%    Annual      (64,729 )      —        (64,729 ) 
USD      1,300      07/31/2030

 

    1 Day SOFR    3.806%    Annual      (21,460 )      —        (21,460 ) 
USD      1,100      11/01/2030

 

    1 Day SOFR    3.878%    Annual      (6,813 )      —        (6,813 ) 
USD      600      11/01/2030

 

    1 Day SOFR    3.636%    Annual      (12,358 )      —        (12,358 ) 
                       

 

 

    

 

 

     

 

 

  
   $ (132,204 )    $   —      $ (132,204 ) 
                       

 

 

    

 

 

     

 

 

  

 

INTEREST RATE SWAPS

 

 

 

       Rate Type       
Swap Counterparty      Notional
Amount
(000)		      Termination
Date		      Payments
made
by the
Fund		    Payments
received
by the
Fund		    Payment
Frequency
Paid/
Received		    Market
Value		     Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Citibank, NA

 

    USD      1,235        10/09/2029      1.125%    SIFMA*    Quarterly    $  121,703     $ —      $  121,703  

 

*

Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

 

(a)

When-Issued or delayed delivery security.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 29, 2024, the aggregate market value of these securities amounted to $964,374 or 1.5% of net assets.

(c)

Non-income producing security.

(d)

Defaulted.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.19% of net assets as of February 29, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		      Percentage
of
Net Assets

Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC

 Series 2023
12.00%, 12/31/2023

    08/24/2023    $  10,000      $  10,000      0.02%

 

7

144A/Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		      Percentage
of
Net Assets

County of Grand Forks ND

 (Red River Biorefinery LLC)
Series 2021
6.625%, 12/15/2031

    05/21/2021    $  110,000      $ 3,300      0.01%

County of Grand Forks ND

 (Red River Biorefinery LLC)
Series 2021
7.00%, 12/15/2043

    05/21/2021      110,000        3,300      0.01%

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board

 (Trousdale Foundation Obligated Group)
Series 2018-A
6.25%, 04/01/2049

    08/29/2018      258,237        75,400      0.12%

Red River Biorefinery LLC
Series 2024
15.00%, 04/30/2024

    01/25/2024      10,000        7,500      0.01%

Red River Biorefinery LLC
Series 23A
15.00%, 04/30/2024

    05/31/2023      15,000         11,250      0.02%

 

(f)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(g)

Fair valued by the Adviser.

(h)

Affiliated investments.

(i)

The rate shown represents the 7-day yield as of period end.

(j)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(k)

As of February 29, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,157,190 and gross unrealized depreciation of investments was $(1,361,233), resulting in net unrealized appreciation of $795,957.

As of February 29, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 17.8% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

 

8

AB Municipal Income Fund II

AB New Jersey Portfolio

February 29, 2024 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 29, 2024:

 

9

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —      $ 63,411,797     $     —      $ 63,411,797  
Asset-Backed Securities      —        119,589       —        119,589  
Corporates - Non-Investment Grade      —        10,000       18,750        28,750  
Short-Term Investments      2,066,564        —       —        2,066,564  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      2,066,564        63,541,386       18,750        65,626,700  
Other Financial Instruments(a):           
Assets:

 

Centrally Cleared Inflation (CPI) Swaps      —        959,122       —        959,122  
Interest Rate Swaps      —        121,703       —        121,703  
Liabilities:

 

Centrally Cleared Inflation (CPI) Swaps      —        (140,522 )      —        (140,522 ) 
Centrally Cleared Interest Rate Swaps      —        (132,204 )      —        (132,204 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $  2,066,564      $  64,349,485     $ 18,750      $  66,434,799  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a)

Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 29, 2024 is as follows:

 

Fund   

Market Value

05/31/2023

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

02/29/2024

(000)

     

Dividend

Income

(000)

  
Government Money Market Portfolio    $  2,657      $  14,151      $  14,741      $  2,067      $   56  

 

10